Ahead of its upcoming public listing this fall, Universal Music Group’s revenue skyrocketed to 2.022 billion euros ($2.438 billion) during the second quarter, up 19.6% from 1.69 billion euros ($1.833 billion) in Q2 of 2020.
On a constant currency basis, the company said its growth was 17.3%.
UMG’s recorded music division enjoyed even larger increases, growing 23.5% to 1.654 billion euros ($1.994 billion) with streaming rising 23.8% to 1.122 billion euros ($1.35 billion) in the second quarter this year versus 906 million euros ($983 million) in the second quarter of 2020. The company cited releases from Justin Bieber and Olivia Rodrigo, and a best-of compilation from BTS as well as continued sales of music from The Weeknd, Pop Smoke and Ariana Grande.
Moreover, at mid-year UMG claimed eight of the top 10 titles in MRC Data’s year-to-date album consumption chart, the company pointed out.
Physical sales also enjoyed a big gain in the second quarter of this year, growing to 250 million euros ($301.5 million) from 152 million euros in the second quarter of 2020, a 64.5% increase, while licensing and other income streams grew 16.7% in the second quarter to 210 million euros ($253.3 million) from 180 million euros ($195.3 million) in 2020’s Q2.
Music publishing revenue didn’t match the year-earlier period with the company garnering 293 million euros versus 353.4 million euros in the second quarter of 2020 — but that quarter’s revenue was buttressed by a one-time item, according to the company. Meanwhile, merchandising and other income streams grew 54.9% to 79 million euros as compared with 51 million euros in the year-earlier corresponding period.
In advance of its Sept. 21 listing on Euronext Amsterdam, the company said that it will hold a Capital Markets Day by video conference on Aug. 25.
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